The checklist Warren Buffett-style investors use. Annual numbers for 2025.
2/6Weak
MissReturn on equity 15%+Earns a lot on the money owners have in the business.3.0%
MissDebt under half of equityNot relying on borrowed money.0.62x equity
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.29.8%
MissProfitable every yearSteady profits, not one good year.7 of 10 years
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$19.1M
MissShare count not growingNot diluting owners. Falling means buybacks.+73.9% in 3 years
Revenue
$23.3M
-32.5% vs prior year
Total debt
$146.3M
0.62x equity
Free cash flow
$19.1M
81.9% of revenue
From annual reports filed with the SEC. Not in this company's SEC data, so not scored: gross margin 40%+. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Jun 30, 2026
Reported Aug 10
Revenue
$7.9M
+30.5% YoY
EPS
$0.04
vs -$0.03
Gross margin
70.6%
+2.9 pts
Free cash flow
$4.6M
Share count
+10.7%
vs a year ago
Insider rating
Last 90 days
No open-market insider buys or sells in the last 90 days.
Weekly insider trend
No trades to chart yet.
Filing buzz
Last 7 days vs normal
0/ 100
This week
0
Normal week
0.6
vs normal
0.0x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
▼Distributing-6.5%
Institutions cut 6.5% from their holdings. 18 bought, 31 sold.
Shares held by institutions6.2M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
+11.0%
Cash runwayAt last year's cash burn
Cash flow positive
Debt to equityLatest balance sheet: debt compared with what owners have
0.6x · $141.5M debt
Shares outstandingLatest reported
37M
Why moderate risk
Share count growing 11% a year (dilution)
Revenue down 32.5% from the year before
Earnings reports
Last 12
Next reportAround Nov 5 (est.)Estimated from the same quarter last year
Results filedAug 10
Results filedMay 7
Results filedFeb 25
Results filedNov 6, 2025
Results filedAug 7, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days
No offerings, red flags or new big holders. Clean record.
Insider trades
Open-market buys and sells, last 90 days
No open-market buys or sells in 90 days. Grants and option exercises are left out.
"Owns after" is the insider's holding right after the trade. Pre-planned (10b5-1) sales are set up months ahead, a weaker signal.